Simon Malls | More Choices®

Indianapolis, Indiana – January 18, 2001...Simon Property Group, Inc. (NYSE:SPG) (the “Company”) announced today that its partnership subsidiary Simon Property Group, L.P. has completed the private placement of $500 million of debt securities. The issue included the following tranches of senior unsecured notes:

	     $300 million of 7 3/8% Notes due 2006
	     $200 million of 7 3/4% Notes due 2011

All securities in this offering are rated Baa1 by Moody's Investors Service and BBB by Standard & Poor's. Net proceeds from the offering will be used to repay existing indebtedness under credit facilities obtained by the Company in order to complete its acquisition of Corporate Property Investors, Inc. The transaction was priced on January 11, 2001.

“We are pleased to complete this transaction, which was increased from its original size due to strong investor demand,” said David Simon, chief executive officer. “This transaction demonstrates the strength and reputation of Simon, as we believe few other real estate companies can access the unsecured debt market in such a meaningful and successful way.”

The securities were placed by Merrill Lynch & Co. and J.P. Morgan, joint bookrunners, and Banc of America Securities LLC, Salomon Smith Barney and UBS Warburg LLC, co-managers, as initial purchasers who re-offered the notes to qualified institutional buyers pursuant to Rule 144A.

Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a self-administered and self-managed real estate investment trust which, through its subsidiary partnerships, is engaged in the ownership, development, management, leasing, acquisition and expansion of income-producing properties, primarily regional malls and community shopping centers. It currently owns or has an interest in 252 properties containing an aggregate of 185 million square feet of gross leasable area in 36 states and five assets in Europe. Together with its affiliated management company, Simon owns or manages approximately 191 million square feet of gross leasable area in retail and mixed-use properties. Shares of Simon Property Group, Inc. are paired with beneficial interests in shares of stock of SPG Realty Consultants, Inc. Additional Simon Property Group information is available at www.shopsimon.com.